All posts tagged Hotels

Mantra Group, a hotel and resorts operator backed by CVC Capital Partners and UBS, has begun discussions on reshaping the company’s capital structure, including the refinancing of 150 million Australian dollars (US$158 million) of debt, the company’s chief executive said in an interview Tuesday.

Mantra Group CEO Bob East told Deal Journal Australia that the debt parcel was extended by UBS earlier this year after a sales process launched in March found no buyers that met the group’s price expectations.

Australia’s Toga Group of Companies has beaten the Christmas lull, striking a memorandum of understanding with Singapore’s Far East Orchard Ltd. to explore a joint venture that would own five hotels and a hotel management business covering around 6,700 rooms across more than 50 hotels.

The hotels would include Vibe Hotel Sydney, Medina Grand Harbourside and Travelodge Mirambeena Resort Darwin, Far East Orchard said. The deal is completely separate to Far East Orchard’s exploration of a potential transaction with Straits Trading Company, which would expand its hospitality management business beyond its core market of Singapore.

Far East Orchard’s Chief Executive Officer Lucas Chow said the group would continue to seek opportunities which would allow his firm to expand its footprint beyond the city-state.

Boutique investment bank Moelis & Co. is seeking up to 250 million Australian dollars (US$262 million) from an equity partner for a business backed by Toga Group of Companies’ hotel portfolio, a person familiar with the matter said.

The newly created vehicle — which will have the ability to develop, own and manage hotels — will include five Australian hotels valued at A$180 million, currently owned by Investec-managed Toga Accommodation Fund, the person said.

Australia’s Woolworths has received clearance to buy The Billabong. Before you worry about mixing board shorts and bananas in the same basket, it isn’t the boardsports retailer but The Billabong Hotel, in Merrylands, Sydney.

Woolworths’ majority-owned Australian Leisure and Hospitality Group bought 32 pubs and hotels for around 400 million Australian dollars (US$408 million) in a deal brokered by Ray White Hotels.

Malaysia’s Starhill Real Estate Investment Trust has signed pacts to buy three Marriott hotels in Australia for 415 million Australian dollars (US$411 million), a company statement on Wednesday said, confirming a Deal Journal Australia report from May 18.

Following the completion of the acquisitions of the Sydney Harbour, Brisbane and Melbourne Marriott Hotels, Starhill REIT will have the largest portfolio of overseas property investments of any Malaysian REIT, the statement added.

This is a Friday night announcement Katy Perry won’t be singing about.

Mirvac Group has sold its hotel management business Mirvac Hotels & Resorts and associated investments to a consortium including Accor Asia Pacific and Ascendas for 327 million Australian dollars (US$327 million).

The transaction includes 46 hotels across Australia and New Zealand and represents a 15.1% premium to the carrying value of those assets as at 30 June.

About Deal Journal Australia

Deal Journal Australia is an up-to-the-minute take on the deals and deal makers that shape the Australian landscape, including mergers and acquisitions, capital raisings, private equity and debt markets. In short, wherever money changes hands. Deal Journal Australia is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Gillian Tan is the lead writer, with contributions from other Journal and Dow Jones reporters and editors. Send news items, comments and questions to gillian.tan@wsj.com.

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